Vietnam Corporate Bond Market Report – 2025

FiinGroup is pleased to introduce the December 2025 issue of the “Vietnam Corporate Bond Market” report. This report aims to provide clients with up-to-date insights as well as a comprehensive analysis of key developments in the corporate bond market.

Key highlights from the report:

• Vietnam’s CB market recovered strongly in 2025: Outstanding CBs exceeded VND1,383 trillion (+10.9% YoY) by year-end, marking a reversal after three consecutive years of contraction, driven by a sharp rebound in issuance while maturity pressure and early buybacks remained relatively contained.

• CB issuance rebounded strongly: Total issuance reached VND644.1 trillion (+35.4% YoY), led by the Banking sector and private placements, amid improving market confidence and easing funding costs.

• Early CB buybacks hit a record high: The value of bonds repurchased before maturity rose to VND350.3 trillion (+37% YoY), largely driven by the Banking sector (nearly 70%), reflecting proactive liquidity management and balance sheet rebalancing, while Real Estate stood out among Non-bank sector.

• Secondary market liquidity improved significantly: Average daily trading value reached VND6.1 trillion (+28% YoY), with transactions concentrated in 1–3 year tenors and the Banking and Real Estate sectors, indicating enhanced market depth.

• Debt repayment pressure shifts to 2026–2027:Estimated CB repayment obligations in 2026 (including principal and interest) are projected at approximately VND324.1 trillion (+28.3% YoY), reflecting the bunching effect of bonds extended during 2023–2024 under Decree 08.

• Outlook for the CB market in 2026: According to FiinRatings, CB issuance is forecast to reach around VND800 trillion (+24% YoY), remaining concentrated in Banking and Real Estate, while non-bank sectors such as Infrastructure and Energy are expected to return to the market.

Figure 1: The CB market staged a clear recovery in 2025, with outstanding value rebounding after three consecutive years of decline

 View the full Corporate Bond Market Report – 2025 HERE

Source: Data and analysis extracted from the Bond Report on the FiinPro-X platform — a comprehensive financial information and analytics solution. 
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